Summary
- CEO Barry Silbert stated that "99.99% of virtual asset tokens are worthless."
- He first bought Bitcoin at about $7 and experienced a price crash but mentioned investing in Bitcoin-related infrastructure.
- He invested in Bitcoin-related companies, including Ripple, and noted that he would have achieved better results.
According to UToday, a cryptocurrency-focused media outlet, Barry Silbert, CEO of Digital Currency Group (DCG), stated on a podcast on the 17th (local time) that "99.99% of virtual asset tokens are worthless."
He explained, "I first bought Bitcoin (BTC) 13 years ago. I've always had an intellectual curiosity about everything coming out of the virtual asset industry," and added, "I believe 99.99% of the existing virtual asset tokens have no reason to exist or value."
He continued, "I started buying when Bitcoin was trading at about $7 in 2011. Initially, I thought it was a brilliant idea, but when the price plummeted, I felt it was a waste of money," and added, "As the Bitcoin price surged again, I decided to invest in companies building Bitcoin-related infrastructure, one of which is Ripple (XRP)."
He also noted, "Of course, if I had continued to hold Bitcoin, I would have achieved better results."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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